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On the insurance function of fiscal policy in a monetary union
(2000)
Documento de trabajo / Lan gaiak,
In this paper we first review the available literature on the degree of insurance against shocks, provided by the central budget in the federal systems already existing. Next, we discuss the main points raised on the debate ...
Coordination of fiscal policies in a monetary union
(2000)
Documento de trabajo / Lan gaiak,
This paper examines how the member countries of a monetary union react to country-specific shocks and to shocks from the rest of the world, when the budget deficit is the only policy instrument available. We develop a ...
Supply policies coordination in a monetary union
(2000)
Documento de trabajo / Lan gaiak,
This paper examines how the member countries of a monetary union react to country-specific shocks and to shocks from the rest of the world, using supply-side policies. We develop a three-country model in which countries ...
International monetary policy coordination under asymmetric shocks
(2000)
Documento de trabajo / Lan gaiak,
The purpose of this paper is to show whether international policy coordination may be the best response to economic interdependence. We will study the short-run interactions taking place among interdependent economies, ...